The US Treasury Department has announced sanctions against more than 30 individuals and companies accused of helping Iran evade sanctions and launder billions from oil and petrochemical sales to fund its nuclear and missile programmes.

The sanctioned Iranian money laundering network operated as a system of “shadow banking” involving front companies in places like Hong Kong and the United Arab Emirates, the department said in a statement.

The goal, it said, was to bypass existing sanctions, obscure the origin of oil proceeds, and funnel money into military-linked projects.

The new sanctions freeze any U.S.-based assets of the targeted entities and bar U.S. citizens from doing business with them.

The measures also complicate the ability of those sanctioned to operate internationally, especially in transactions involving U.S. dollars.

Washington and Tehran are engaged in negotiations over the future of Iran’s nuclear programme.

U.S. President Donald Trump has consistently articulated his aim to prevent Iran from developing nuclear weapons, a core tenet of his foreign policy. His administration’s approach notably diverged from the 2015 Joint Comprehensive Plan of Action (JCPOA), or Iran nuclear deal, from which the U.S. unilaterally withdrew in 2018. Trump characterized the JCPOA as a “horrible one-sided deal” that failed to permanently halt Iran’s nuclear ambitions and did not address its ballistic missile program or malign regional activities, such as an Iranian money laundering network.

Following the withdrawal, the Trump administration reimposed stringent economic sanctions on Iran as part of a “maximum pressure” campaign. This strategy sought to compel Tehran into negotiating a new, more comprehensive agreement that would include a complete cessation of uranium enrichment, dismantle its nuclear infrastructure, and curb its regional influence. Recent reports indicate ongoing, albeit indirect, negotiations with Iran, with the U.S. proposing a deal that would prevent enrichment, while Iran insists on its right to peaceful nuclear technology. Trump has repeatedly warned of severe consequences, including potential military action, if a diplomatic resolution is not reached and Iran continues its nuclear advancements.

Tehran insists its nuclear activities are purely for civilian purposes.

Trump has warned that military action remains on the table if diplomacy fails.

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